A handful of Congressional leaders, including a West Michigan legislator, are introducing yet another bill increasing economic sanctions on Russian oligarchs, but this one would help finance Ukraine’s reconstruction.
Russian President Vladimir Putin’s decision to invade neighbor Ukraine has triggered an avalanche of economic sanctions targeting the Russian financial system and businesses. Also targeted are oligarchs supporting Putin. Those oligarchs are known for amassing wealth and nations around the world are seizing their mansions and yachts. Now, what to do with those properties?
A bipartisan bill has been drafted by four U.S. House members. Democratic representatives Jake Auchincloss and Seth Moulton from Massachusetts and Republicans Mike Gallagher from Wisconsin and West Michigan congressman Peter Meijer.
The Yachts for Ukraine Act is straight forward; those seized mansions and yachts are valuable and should be repurposed providing humanitarian aid and rebuilding Ukraine when the war ends.
U.S. Rep. Peter Meijer said, “The United States must no longer turn a blind eye towards Russian oligarchs and any assets they have hidden in our country, I am proud to join this legislative effort to send yet another clear message that we intend to hold Vladimir Putin and his cronies accountable for their illegal invasion of Ukraine, and we will use every economic sanction available to economically isolate anyone who is complicit in Putin’s terror around the world.”
It’s estimated the value of oligarch’s yachts alone are worth billions of dollars.